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IRA's in the spotlight

The IRS has determined that the new trouble area to shine a light on is IRAs.  They have begun to crack down on excess contributions and minimum distributions that break the rules.  A helpful article from the Wall Street Journal, “IRA Rules Get Trickier” discusses this crack down.  Do not let the title mislead you, the rules are the same, it’s the enforcement that has been stepped up.

One way to make sure that you don’t owe or continue to rack up penalties is to check with your CPA and IRA broker to make sure the correct amounts are contributed and necessary withdrawals have been made.

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